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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126
Chapter 1, Problem 2PA
Textbook Problem
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You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs?

To determine
Cost and benefit analysis.

Explanation of Solution

The cost is measured quantitatively and benefits are measured qualitatively. This indicates that the cost is measured in dollars and the benefits are measured psychologically. The calculation of cost and benefit analysis is tedious. Here, the cost of going on vacation can be measured by dollars but the benefit received is measured psychologically...

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